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Crypto

KakaoBank, Coinone extend real-name account deal by 1 year

KakaoBank has extended by 1 year its contract with cryptocurrency exchange Coinone for real-name verified deposit and withdrawal account services. The bank said on Aug. 19 it completed procedures to renew the agreement. The two companies finished internal processes and signed the contract, and Coinone also completed a prior reporting procedure with the Financial Intelligence Unit. They link anti-money laundering and fraud detection systems to manage risks related to real-name accounts.

Crypto

Countdown to amended Special Financial Information Act puts digital asset industry focus on governance reshuffle

South Korea will implement an amended Special Financial Information Act on Aug. 20, expanding screening of digital asset operators to include major shareholders and governance structures. An enforcement decree allows exceptions when violations are minor or punished under vicarious liability rules, easing some uncertainty around Naver Financial and Dunamu’s share-swap plan. Regulators will also tighten requirements on leverage, creditworthiness and internal controls, likely increasing compliance burdens for smaller operators.

Crypto

South Korea tightens reporting bar for digital asset businesses, expands screening to major shareholders

From Aug. 20, South Korea will expand screening for digital asset business reporting to cover major shareholders, financial condition, organisation and staffing, and IT facilities. Changes to major shareholders or compliance systems will require advance reporting 30 days before changes, replacing post-change filing. Authorities will broaden criminal history reviews to major shareholders and include additional economic crime laws. They will also scrutinise actual operation of compliance systems and may conduct on-site inspections.